Is Quality equal to utility ?

We had a big debate yesterday as what is quality ?

General definition of quality is conformance to the requirement. It started with the contrasting view and ended with a convergence that quality equals utility. Utility is nothing but the satisfaction that we get from consuming or using an object. e.g Which is a quality product ? BMW or Maruti 800. Most of the people would say BMW. This is where we do not agree. We say quality is subjective. If a person can afford both BMW and Maruti, then BMW will be quality according to him because it is the one which satisfies him and not maruti. But for a person who can only afford maruti will say maruti is the quality car for him. I mean ideally he should say so as that is the one which satisfies his needs at a given purchasing power.